Buying your first home doesn't have to feel overwhelming.
This guide walks you through the journey — from saving your down payment to getting your keys — in a clear, step-by-step way that feels doable, not stressful.
This is general information, not financial advice.
Before You Start
You don't need to have everything figured out today.
You're not behind.
You're not being judged.
Most first-time buyers start exactly where you are: curious, nervous, and unsure what comes next.
The First-Time Buyer Journey
6 clear steps from "thinking about it" to "getting your keys"
Know Your Numbers
- Use the Mortgage Affordability Calculator
- Understand how much home you can afford
- See how down payment affects approval
- See how interest rates change your budget
Print your results — seeing the numbers clearly is the first win.
Build Your Down Payment Plan
- Minimum down payment rules (5% for homes under $500k)
- FHSA, RRSP HBP (up to $60k), First-Time Buyer Incentive
- Closing costs (3–5% of purchase price)
Start with any amount — consistency matters more than size.
Check Your Credit Health
- Check your credit score
- Download your credit reports
- Fix any errors
- Improve your utilization ratio
Most lenders approve buyers with scores of 620+.
Get Pre-Approved
- What lenders look for
- Why pre-approval matters
- Required documents (ID, income, assets)
This hub gives you an idea of where you stand — actual approval requires a lender application.
Understand Monthly Costs
- Mortgage payment
- Property tax
- Utilities & insurance
- Maintenance (1% of home value/year)
- Condo fees (if applicable)
Budget 30% buffer above your estimate.
Offer, Inspection & Closing
- Making an offer with conditions
- Home inspection
- Lawyer fees & appraisal
- Final approval
- Getting your keys!
Your lawyer will guide you through closing day.
Home Buying, Explained Simply
No jargon. Just the basics you need to know.
How Mortgage Rates Affect Home Price
- Higher rates = higher monthly payments = lower maximum home price.
- Lower rates = lower payments = higher maximum home price.
- A 1% rate change can shift affordability by tens of thousands.
Mortgage Renewals (Simple)
- Most mortgages renew every 1–5 years.
- Your rate changes at renewal — not your balance.
- Renewals are a chance to shop around and save.
Property Taxes (Simple)
- Every homeowner pays property tax.
- Amount depends on your city + home value.
- Usually paid monthly with your mortgage.
Utilities & Ongoing Costs
- Electricity, heat, water, internet.
- Budget $250–$450/month depending on home size.
- Condos may include some utilities.
Down Payment Savings Calculator
See how long it will take to reach your goal.
Estimated Time to Reach Goal
40 months
(3 years, 4 months)
First-Time Buyer Checklist
Track your progress — one step at a time.
0 of 14 completed
Quick Answers
Common questions from first-time buyers.
Download Your First-Time Buyer Roadmap (PDF)
Get a printable guide with your affordability summary, down payment plan, monthly payment ranges, closing cost checklist, document checklist, and a timeline from "thinking about it" to "getting your keys."
This is general information, not financial advice.
Last Updated: October 20, 2026
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